Ah, startups. A term you’ve been hearing since the internet bubble in the late 90’s. Some of the most wildly successful companies today were once considered startups, including Facebook, Google, Amazon, and Twitter. While not all startups are created equal, the ones that go on to be successful generally have a few things in common. Here are the three most frequently found characteristics of a successful startup:
Without question, the most prevalent feature of any successful startup is pure enthusiasm. This enthusiasm translates itself into not only an intense passion towards the particular product or service being offered, but also towards the industry as a whole. Their enthusiasm lends itself to an intense desire to provide something to society or the particular niche market that they feel is lacking.
It may sound a bit played out to say this, but the fact is, reaping millions upon millions of dollars is not at the forefront of the minds of a successful startup’s creators. They follow their passion and that eventually leads to success and all that comes with it.
This enthusiasm is infectious among the employees and also carries over with the image that is projected to the public. Good luck trying to fake it.
Startups have an intense focus on their core products or services. They focus on what they’re good at and try to do it as well as possible. After all, a startup is synonymous with innovation and thinking outside the box. Trying to do too much too soon can lead to misdirection and a lack of focus. It’s the old adage of being a jack of all trades and master of none.
This focus is directed at trying to provide something that is missing from the particular market that they’re focused on. Eventually, there is room for growth, as companies such as Amazon, which started off primarily selling books, have shown.
Successful startups figure out what they’re trying to do and what they’re trying to be and have a singular focus on achieving that to the best of their abilities.
Valuing the Consumer
Startups know from the very beginning who their core consumer demographic is and gear their products and services towards them. Whether it’s corporations or individual consumers, successful startups never shortchange the consumer. Some startups that fail tend to focus more on their products and services than those that they’re marketing them too, while the successful startups place equal importance on both aspects of their business.
Satisfying consumers through excellent customer service is one of the foundations of any great startup, right from the very beginning. First impressions are everything.
The common threads that bind successful startups together don’t lie. While there are other features and circumstances that can determine the success or failure of a startup, the above three qualities are arguably the most important to have. Two startups can have similar ideas, but the one that will be the more successful in the long-run is the one that’s extremely enthusiastic about their field, is focused on their goals, and places a priority on customer satisfaction.